CanAlaska Ventures (CVV-V) has signed a deal to earn up to a 75% stake in three of Altius Minerals‘ (ALS V) gold properties in the Botwood Basin area of central Newfoundland.
Under the deal, CanAlaska can initially earn a 51% interest in the Paradise Lake, Rolling Pond and Chiouk Brook properties by spending $1 million on exploration and paying $110,000 in cash and up to 500,000 in shares over 4 years. The company can increase its position by 9% in return for another $500,000 and 250,000 shares over a two-year period. CanAlaska can further boost its stake to 70% interest by completing a positive bankable feasibility study, and to 75% by funding the project through to commercial production.
The properties lie along the Miguel trend. Rolling Pond covers a large, low sulphidation epithermal vein system. CanAlaska plans took look for bonanza-grade mineralization at depth in the system’s “boiling zones.”
Chiouk Brook lies contiguous to the south of Rolling Pond, and is host to large locally derived, sedimentary rock boulders containing disseminated sulphide minerals. Chip samples have yielded up to 17.4 grams gold per tonne.
At Paradise Lake, individual till samples derived from a large gold-in-till anomaly returned up to 48 gold grains. Boulder prospecting in the area yielded up to 9 grams gold.
CanAlaska plans a program of geological mapping and prospecting, geophysical and geochemical surveying, followed by diamond drilling.
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